Core Viewpoint - The article discusses the ongoing competition for stablecoin licenses in Hong Kong, highlighting the scarcity of these licenses and the intense interest from major financial institutions and tech companies. It also addresses the potential impact of stablecoins on the global monetary system, suggesting that their influence may be overstated. Group 1: Stablecoin License Competition - The stablecoin license in Hong Kong is scarce and highly sought after, with only a few licenses expected to be issued despite over 40 companies preparing applications [2][3] - Major players in the financial and tech sectors, including JD.com and Standard Chartered, are actively pursuing stablecoin licenses, while smaller firms face significant challenges in qualifying for applications [3][4] Group 2: Market Dynamics and Business Models - Companies involved in cross-border payments are exploring stablecoin applications to meet the growing demand for digital currency transactions, necessitating partnerships with wallet providers and exchanges [4] - Some smaller companies are entering the stablecoin space primarily for market speculation rather than genuine operational capabilities, indicating a trend of opportunistic behavior in the market [4] Group 3: Transition from Web2 to Web3 - Traditional enterprises face challenges transitioning from Web2 to Web3, particularly in understanding blockchain technology and ensuring compliance while maintaining product scalability [5] - The need for "chain abstraction" is emphasized, allowing traditional payment institutions to engage with blockchain technology at a lower barrier [5] Group 4: Overstated Impact of Stablecoins - The notion that stablecoins will fundamentally disrupt the international monetary system is considered exaggerated, as they are essentially extensions of fiat currency rather than replacements [8] - Stablecoins may enhance the efficiency of cross-border payments, but their actual cost benefits are likely closer to 1%, contrary to popular belief [8][9] Group 5: Future of the Renminbi Stablecoin - There are discussions about the potential for an offshore renminbi stablecoin, with emphasis on strategic implementation and the importance of distinguishing between short-term and long-term goals [10] - The development of a renminbi stablecoin could align with the internationalization of the renminbi and support the establishment of Shanghai as an international financial center [10]